Dream announced it has acquired 912 apartment units located in the City of Toronto for an aggregate purchase price of $378 million. The properties were acquired in a joint venture between Dream Unlimited Corp, Dream Impact Trust, and the Dream Impact Fund, with each entity holding a one-third interest in the portfolio.
Weston Common is a two-tower, 841-unit mixed-use apartment complex located on John Street that includes 42,000 square feet of fully leased commercial space, and an 8,800 square-foot community hub occupied and programmed by the non-profit group, Artscape. Weston Common currently includes 53 affordable housing units and 26 live/work artist studios; however, Dream’s intention is to increase the number of affordable units provided on site as per CMHC’s definition of affordable rent for the area.
The Trust also acquired an interest in 262 Jarvis, a 71-unit, Art Deco style apartment building located near Ryerson University.
“The successful acquisition of these apartments accelerates the growth of our income property portfolio and increases the proportion of our assets that generate recurring income,” said Michael Cooper, Chief Responsible Officer of Dream Unlimited and Portfolio Manager of Dream Impact.
Dream Unlimited and the Trust are also pleased to announce that they have a 228-unit, multi-building portfolio of multi-family assets located in Toronto under contract. The ownership structure is expected to mirror Weston Common and 262 Jarvis.
Moving forward, Dream said it intends to implement specific initiatives from each of its three impact verticals—Affordable & Attainable Housing, Environmental Sustainability & Resilience, and Inclusive Communities—at each property. More specifically, it will pursue decarbonization and building modernization retrofits at each building to reduce the greenhouse gas emissions by 15 per cent within the first three-years of ownership.
Dream also intends to implement social programming to provide tangible support for the community and its residents.
More information can be found at: www.dreamimpacttrust.ca